Finance Committee reviews $16 million OPEB trust, plans school budget reset

WESTON — February 15, 2018 — Weston Finance Committee scrutinizes OPEB fees and plots new approach to school budget talks. Members on Feb. 15 heard Bartholomew & Company report the town's OPEB trust has grown from $6.8 million in 2013 to roughly $16 million, returning 6.94 percent annualized against a 6.25 percent actuarial discount rate, with $1.7 million contributed in fiscal 2018 and $2 million-plus budgeted for fiscal 2019. Chief Investment Officer Alex Bartholomew said the firm earns 25 basis points but underlying mutual funds carry 90 to 100 basis points in fees — costs one member said could be replicated passively "for 10 basis points." Actuary Linda Bournival of KMS reported a $76 million total liability and roughly $64 million unfunded liability arriving on the June 30 balance sheet under GASB 75. The committee also agreed to seek an informal pre-meeting with Superintendent Danielle ahead of the Feb. 28 school budget hearing, reframing its message around multi-year planning rather than line-item critique.